By : Lori Valigra
Source : http://www.masshightech.com
Category : Small Business Grant
Maine Technology Institute (MTI), a publicly-financed, private nonprofit organization created by Maine’s legislature to stimulate research and development, new products, and services, said it has invested $709,011 in seven growing Maine businesses.
The funds leverage matching investments of $1.7 million from the companies, more than half of which are in the cutting-edge industries of life sciences and cleantech. Funding was awarded in the form of TechStart Grants, development loans, and equity capital funding in amounts ranging from $3,600 to $495,751.
Betsy Biemann, president of MTI and a 2012 Mass High Tech Women to Watch honoree, said the funding supports technology innovation development to bring products and services to market and grow companies in Maine.
“Some of these entrepreneurs are just getting their ideas off the ground, while others are further along the path of refining and commercializing their technologies and in the process, building promising companies and growing good jobs for Maine,” she said.
MTI’s TechStart Grant, Development Loan and Equity Capital Fund are components of the organization’s Business Innovation Program, which provides coaching and capital for Maine’s technology-based businesses. There is a requirement for at least a 1-to-1 match for funding and a competitive process for applications.
Winners of the TechStart Grants include O’Grady LLC of New Gloucester, Maine, which received $5,000 that it matched with $5,700 for business planning related to Advanced Products Co., a nonwovens, precision fabrication, and thermoplastics company looking to produce a range of composite materials and value-add products for the medical and various OEM industries. Also getting a TechStart Grant is Northeast Hearing & Speech Center Inc. in Portland, Maine, which got $5,000 (that it matched with $5,700) for alternative communication devices and communication therapy apps for iPads.
Another grant went to Brightwater Bay Science LLC in Portland, Maine, which received $3,600 (matched with $5,600) for business plan development and market analysis related to reducing the incidence of skin cancers and premature aging of the skin through product innovation and education. The project will focus on a plan for a sunscreen that incorporates several marine compounds, two of which are sustainably harvested in Maine.
Newfield Design Inc. in West Newfield, Maine received a development loan of $495,751 that it matched with $1.6 million to fund completion of a new product in the land mobile radio market. Newfield will manufacture and sell the Expandable Radio Control System, which will allow interoperability between disparate communication systems. The development is expected to bring significant job growth, according to MTI.
The University of Maine Process Development Center in Orono, Maine received a development loan of $99,660, matched with $113,000, to further develop and license its process technologies to produce a novel nanocellulose-based release paper in conjunction with its development partner, Stirling Consulting Inc. Nanocellulose is said to have benefits over other nanomaterials, including lower cost and low toxicity.
MTI made a $50,000 equity investment in Orono, Maine-based Cerahelix Inc., which is developing a DNA-based method for producing advanced nanofiltration membranes for water reuse and recycling. MTI participated with private investors and the Small Enterprise Growth Fund in this initial funding round totaling $205,000. Cerahelix has previously been awarded seed grants that funded the initial development of its technology. MTI also provided support for the Cerahelix Federal Small Business Innovation Research proposals through its Technical Assistance Program. Susan MacKay, founder of Cerahelix, was named one of the 2011 Women to Watch by Mass High Tech. The company was a finalist for the 2011 MassChallenge startup competition.
MTI also made a $50,000 equity investment in Bar Harbor BioTechnology Inc. in Trenton, Maine. MTI participated with private investors and the Small Enterprise Growth Fund in the initial round of funding, which totalled $200,000. Bar Harbor BioTechnology is a life sciences company that spun-out of the Jackson Laboratory. MTI has previously funded the company with $870,000 through two seed grants, a development award, an equity investment through the Accelerated Commercialization Fund, and a Maine Technology Asset Fund award.
Source : http://www.masshightech.com/stories/2012/03/26/daily22-Maine-Tech-Institute-invests-in-7-businesses.html
